Rupee slipped 20 paise to 81.43 against US dollar after opening higher. The currency appreciated by nine paise from its previous close to open at 81.23 vs the US dollar on Monday amid weakness in value of the greenback against a basket of six peers. Rise in global crude oil prices, however, put pressure on the currency.
The dollar index — which measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro — was last trading 0.3 percent lower at 104.2.
Crude oil prices rose on Friday, reversing losses from the previous session. Brent crude futures rose 0.2 percent to $87.1 per barrel at the last count. WTI futures too extended gains, rising 0.2 percent to $81.3 per barrel at the last count.
Crude oil prices jumped on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. Crude oil prices jumped on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. Brent oil futures jumped 1.2 percent to $86.6 per barrel at the last count. WTI futures too rose 1.5 percent to $81.2 per barrel at the last count.
"The local currency is likely to be pegged between 81.00 and 81.60. The upside in the pair is expected to be capped near 81.80-82.00 levels, whereas, the bearish momentum could help the pair to break 81 and move towards 80.80 and 80.50 levels in the near term," said Amit Pabari, Managing Director at CR Forex.
Indian equity benchmarks BSE Sensex and NSE Nifty50 are start Monday's session mixed. The headline indices ended in the red, halting a eight-day gaining streak on Friday.
First Published: Dec 5, 2022 9:06 AM IST
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